10-Jul-2020
Imports are goods and services in a country for sale that are made in another country. Countries import both finished products and raw materials that are unavailable in their country. Importing is a core part of any country’s economy. Importing has helped speeding up industrialization in India. Developing economies like India have a shortfall of raw materials, capital goods, and the latest technological products required for rapid economic development. Imports help meet domestic demand for products and raw materials that are unavailable in the country. During natural disasters importing food grains and other essential goods helps in relief efforts. Imports have helped improve the standard of living in India.
India custom import data is collected from ports (seaports, land ports, and airports). The data is collected form information from the bill of lading or shipping manifest submitted to customs authorities. The data usually contains product description and the corresponding HS Code, the unit and total quantity of the shipment, the total price, the name of the importer and exporter, the loading and unloading port.
India import data shows India imported 480 billion USD of goods in 2019. The data collected in April 2020 shows that imports crashed at 17.1 billion USD in April 2020 due to the lockdown. The lower imports helped reduce the trade deficit to 3.1 billion USD. The imports reached a record high of 46.7 billion USD in May 2019. The lowest import figure was in July 1991 with imports of 1.3 billion USD.
India custom import data helps importers formulate their business plans. The data allows them to study the latest market trends and predict customer preferences. The data can be used by importers to negotiate and get the best deal. The data can allow them to explore alternative markets or look for alternative products to import. Importers starting their business can use the data to contact exporters. Logistic service providers can use the database to contact traders for business. Bankers can use the database to offer services such as letters of credit and bank guarantees to importers.
The major products imported to India are:-
India import data showed that India’s top 10 imports accounted for 79.4% of the imports. Among the top 5 products imported into the country, machinery including computers showed a 1.6% improvement. Meanwhile, the import of organic chemicals, mineral fuel including oil, and gems, and precious metals fell by 9.3%, 9.3%, and 7.8% respectively.
The major import partners of India are:-
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